Senate Republicans filibustered the legislation.

U.S. Senator Jeff Merkley of Oregon supported the bill and feels something needs to be done to help our students afford college.

"There's 500-thosuand students in Oregon who have debt loans who should be able to refinance to a fair interest rate.  That would be very helpful.  And looking forward, we have to control the cost of tuition and increase pell grants and keep interest rates low."

Earlier this week, President Obama used his executive pen to help expand a student loan program, that limits payments to ten percent of student's incomes.